HomeNewsNigeria’s Inflation Worsens, Jumps From 31.7% To 33.2%, Food Up By 40%

Nigeria’s Inflation Worsens, Jumps From 31.7% To 33.2%, Food Up By 40%

Nigeria’s inflation rate has hit 33.2 percent for the month of March 2024.

According to latest data from the National Bureau of Statistics (NBS), the new rate represented a 1.5 points increase from the 31.7 percent recorded in February 2024.

The NBS’s Consumer Price Index (CPI) report, which measures the rate of change in prices of goods and services, indicated that food inflation alone surged to 40.01 percent in the month under review.

It said: “On a year-on-year basis, the headline inflation rate was 11.16 percent points higher compared to the rate recorded in March 2023, which was 22.04 percent.

“This shows that the headline inflation rate (year-on-year basis) increased in the month of March 2024 when compared to the same month in the preceding year (i.e., March 2023).

“Furthermore, on a month-on-month basis, the headline inflation rate in March 2024 was 3.02 percent, which was 0.10 percent lower than the rate recorded in February 2024 (3.12 percent).

“This means that in the month of March 2024, the rate of increase in the average price level is less tha the rate of increase in the average price level in February 2024.”

NBS said the rise in food inflation on a year-on-year basis was caused by an increase in prices of garri, millet, bread and cereal, yam, dried fish, meat, and fruits.

“On a month-on-month basis, the Food inflation rate in March 2024 was 3.62 percent which shows a 0.17 percent decrease compared to the rate recorded in February 2024 (3.79 percent),” the bureau said.

“The fall in food inflation on a month-on-month basis was caused by a fall in the rate of increase in the average prices of Guinea corn flour, Plantain Flour, etc (under Bread and Cereals class), Yam, Irish Potatoe, Coco Yam (under Potatoes, Yam & Other Tubers class), Titus fish, Mudfish Dried (under Fish class), Lipton, Bournvita, Ovaltine (under Coffee, Tea, and Cocoa class).

“The average annual rate of Food inflation for the twelve months ending March 2024 over the previous twelve-month average was 31.40 percent, which was 8.69 percent points increase from the average annual rate of change recorded in March 2023 (22.72 percent).”

The report also said Kogi, Kwara, and Akwa Ibom states spent more on food in March.

“In March 2024, food inflation on a year-on-year basis was highest in Kogi (48.46 percent), Kwara (46.18 percent), and Akwa Ibom (45.18 percent), while on a month-on-month basis, however, March 2024 food inflation was highest in Abia (5.17 percent), Cross River (5.14 percent), and Bayelsa (4.75 percent),” NBS added.

On the other hand, states with the slowest rise in food inflation on a year-on-year basis are Nasarawa (33.76 percent), Borno (34.28 percent), and Bauchi (34.38 percent).

Also, Borno (1.59 percent), Yobe (2.08 percent) and Adamawa (2.12 percent) recorded the slowest rise in food inflation on a month-on-month basis.

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